{"id":684,"date":"2017-11-24T09:50:28","date_gmt":"2017-11-24T09:50:28","guid":{"rendered":"https:\/\/www.microsoft.com\/en-ca\/industry\/blog\/industry\/2017\/11\/24\/banking-on-blockchain-in-financial-services\/"},"modified":"2018-10-16T16:04:57","modified_gmt":"2018-10-16T16:04:57","slug":"banking-on-blockchain-in-financial-services","status":"publish","type":"post","link":"https:\/\/www.microsoft.com\/en-ca\/industry\/blog\/uncategorized\/2017\/11\/24\/banking-on-blockchain-in-financial-services\/","title":{"rendered":"Banking on Blockchain in Financial Services"},"content":{"rendered":"

Trillions of dollars are circulated through the global financial system serving billions of people and businesses every day. Financial Services organizations have embraced various technologies to help drive new business, reduce costs and ultimately become more competitive. Yet many of them still rely on paper-driven processes for various tasks.<\/p>\n

Blockchain holds the potential for all individuals in a network to share a system of record, and can eliminate huge amounts of record-keeping, reducing costs, complexity and time.<\/p>\n

Business Process Improvement<\/h2>\n

A Blockchain is a cryptographically secure, shared, data structure that is used to create a digital transaction ledger that, instead of resting with a single provider, is shared among a distributed network of computers. This results in more open and transparent systems that fundamentally change the way we think about exchanging value and assets, enforcing contracts and sharing data. Blockchain decentralizes data in a trustless environment, providing great benefits and changing fundamental processes and models:<\/p>\n